If you’re looking for true financial freedom and peace of mind, the importance of asset protection can’t be overstated. But what makes for a great asset protection plan? How do you wade through the abundance of options out there, all claiming to be the best?
Other than the most obvious qualification (that it works!), there are a number of factors which you should consider essential. Here are the hallmarks of a great asset protection plan.
A great asset protection plan…
…is put into place before a claim arises.
The time for asset protection is long before an event of duress rears its ugly head. Trying to implement asset protection after the event of duress is not only generally ineffective (you may have options, but they are limited), but it can open you up to criminal liability for trying to hide assets from your creditors.
…is up front, legitimate, and most of all, legal.
Beware the shady financial guru who says he can hide all your assets in an underground Swiss bank account. An asset protection plan works with existing laws (both domestic and international) to protect your assets. In the event of a court judgment, your asset protection plan should be able to stand up to the scrutiny of creditors.
…is crafted by an experienced asset protection attorney.
As discussed above, a good asset protection plan should work within the law. This is why you need an attorney to navigate the legal process and ensure your plan does just that.
…provides minimal ownership but maximum control.
Your assets should be titled properly so that they are protected from liability, but you should retain enough control to be able to enjoy them.
…is personally tailored to your needs.
Each person has different financial goals and needs that are unique to each situation. What works for one person may not work for another. Your asset protection plan should take this into account and be personally tailored accordingly.
…puts each asset in the right place.
Each asset has its place. For instance, a business asset would most likely be titled under a business entity (rather than placed in your revocable living trust). In turn, that business entity might be owned by another entity, such as a limited partnership. There is a place for each asset, and everything fits together in the overall structure.
…is flexible and allows for growth.
Circumstances change, your goals evolve, and you acquire more assets over time. Your plan should be flexible enough to allow for this. New assets should have no problem fitting into the overall plan. Likewise, if you sell or transfer an asset, the process should be smooth, without collapsing or damaging the structure.
…is followed through on and maintained.
An asset protection plan is useless if it’s not followed through on and maintained. Once the plan is in place, each asset needs to be transferred to the right “bucket,” your attorney should keep track of ongoing filing requirements, and periodic reviews and updates might be necessary. An asset protection plan is a lifelong project, one that protects and manages your wealth while you’re alive, and allows everything to be safely transferred to your loved ones after you’re gone.
Sollertis can help with asset protection
The Sollertis Master Asset Protection Plan™ is the framework for protecting all of the individual assets that contribute to financial success. Based on an analysis of your needs, each plan is a customized blueprint outlining the types and mix of legal structures needed to best meet your specific goals and objectives.
Once a MAPP™ is designed, you have a plan in place to protect your assets and to guide business, personal and investment decisions. Unlike traditional asset protection plans that take a “one-size-fits-all” approach, a MAPP™ adapts to changing circumstances. Whether implemented all at once or over time, you will create greater financial freedom knowing you’ve legally protected the wealth you have earned.
Contact us today to learn more about the Sollertis MAPP™ and our unique approach to managing all of your legal needs.
This material has been prepared by Sollertis for informational purposes only and nothing herein is intended as legal advice for any particular or individual situation. You should not rely upon any information herein as a source of legal advice, and receipt of any such information does not create an attorney-client relationship between you and Sollertis. Viewers and readers should not act upon this information without seeking professional legal counsel. Prior results do not guarantee a similar outcome.
